Cameroon: Programme Budget For Economic Revival

Godlove BAINKONG, Cameroon du 26/11/2012

The Prime Minister, Philemon Yang, on Monday presented gov’t economic, financial, social and cultural programme for 2013.

Members of Parliament can now begin scritunising the finance bill of the Republic of Cameroon for the 2013 fiscal year following the presentation yesterday November 26 of the country’s economic, financial, social and cultural programme for 2013 by the by the Prime Minister and Head of Government, Philemon Yang.

Going by the presentation at the National Assembly in the ongoing third session of the 8th legislative period, government will in 2013 pay particular attention on reviving the economy, following the global economic meltdown owing to the severe financial crisis of the mid-2008 as well as lay a solid groundwork for attaining the objectives of making Cameroon an emerging nation by 2035.
Income & Expenditure

The FCFA 3,236 billion State budget for 2013 is drafted on the macro-economic assumptions of an average per barrel price of 96.6 US dollar rate of FCFA 530 and a production of 28.8 million barrels, a Gross Domestic Product of 6.1 per cent and an inflation rate of about 2.1 per cent. The Prime Minister disclosed the package represents a FCFA 436 billion increase in absolute terms and 15.6 per cent in relative terms compared to that of 2012 which stands at FCFA 2,800 billion. The budget will be sustained by domestic resources evaluated at FCFA 2,912 billion as against FCFA 2,280 billion compared to 2012. With this, oil revenue is projected at FCFA 705 billion (FCFA 148 billion increase compared to 2012), government bonds representing FCFA 250 billion while non-oil revenue is projected at FCFA 1,957 billion, representing a FCFA 234 billion increase compared to that of 2012. This is due mainly to an increase in tax and customs revenue respectively from FCFA 1,076 to FCFA 1,214 billion and FCFA 550 billion to FCFA 638 billion due to expected economic growth. There are also external resources amounting to FCFA 324 billion representing a 30 per cent increase from that of 2012 which stood at FCFA 249 billion. This will come mainly from loans, FCFA 258 billion (as against FCFA 183 billion in 2012) and grants to the tune of FCFA 66 billion idem as in 2012.

Expenditure forecasts show that priority will be given to fighting poverty and the living costs. This will be through maintaining subsidies to the pump prices of petroleum products, allocating more investment budget resources to growth sectors (energy, agriculture, infrastructure, mining, youth supervision and support to small and medium-size enterprises.

Priority Areas

With an increase in the investment expenditure from FCFA 792 billion in 2012 to FCFA 957 billion (an increase of FCFA 165 billion), government, the PM said, embark productive sectors of the economy to accelerate socio-economic growth in all segments